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AI PROS AND CONS

Can machines think? Now it appears that the answer is moving towards yes.

As humans have long been obsessed with creating artificial intelligence. Nowadays, AI is poised to have a profound impact on our lives, and it is everywhere, from robot customer service agents to chatbots and autonomous vehicles etc. AI is almost unavoidable. Needless to say, there both benefits and drawbacks with artificial intelligence especially when it comes to the workplace.

I-Benefits of AI

AI is huge for productivity.
Imagine a world where you do not have to perform the menial tasks of your job because a computer can do it. Things like managing referrals, updating information, and coordinating schedules, leaving you free to focus on big-picture strategy.
Some studies predict AI can increase workplace productivity by as much as 300% , which can have a significant impact for your business.

AI enhances decision-making.
Machines are not clouded by emotions. As it can do things like predict financial trends, pull analysis for rolling out a new product and solve customer service issues all much more quickly and for a fraction of the cost of having humans do it. In fact, a venture capital firm in Hong Kong even put a robot on its board of directors because it can pick up on market trends that humans could not perceive. The robot indeed can quickly make objective decisions

Personalization.
Have you ever tried to hire someone only to find out a few months down the road that they just are not a good fit for the company?
AI can identify success factors and screen job applicants to highlight the people who are most qualified to perform well.
AI can also help organizations better understand their employees and what they care about and value in order to deliver more personalized experiences.
Personalization is also very relevant to customers. However, it can be expensive in time-consuming for humans to deliver on this, that is where AI comes in for classifying online shopping preferences, creating personalized ad campaigns, or reaching out customers via chatbots. Indeed, AI can be huge in turning customized experiences into sales.

Increased accuracy.
Humans naturally make errors in their work no matter how carefully they check data. However, AI has the potential to be virtually error-free. Experts have already predicted that governments could use AI to reduce fraud and minimize errors in tax collection. In the medical space which has used many of the same practices for decades, AI is being used to diagnose diseases with nearly 100 percent accuracy.

For sure, AI may sound great. However, what about its potential dangers?

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I-Drawbacks of AI

Threats on security and privacy.
To be effective AI needs access to lots of information. Which means it could be pulling or sharing your employee or customers data without you even knowing that. And so far, no one is stepping up to regulate what it can reach and what it cannot see and use. This is especially crucial as AI becomes smarter and more self-reliant.

Rules and regulations are not currently in place.
To help control what AI can be used for, what AI can control, what information it has access to or what to do when something goes wrong : clear legal texts must be enacted! For all these cases, the law and legislatures are taking a passive spot regarding AI duties. If AI is going to modernize our everyday life, Law too has to develop equally and be up-to-date in order to curb any future international implications about AI.

Challenge is going against the status quo.
After all, implementing AI is a huge transition that can upset many established practices and processes inside of an organization . Therefore, many companies just are not ready for the switch to AI, and it could take time before they are in an organizational and cultural mindset to adopt this new technology.
This may be a real threat for employees and for customers who even face unemployment.

Job displacement.
Will AI create more jobs than it replaces? Or will it replace more jobs than it creates? Nobody really knows the answer to this question. This is perhaps the largest issue facing AI today and for a good reason. We are simply not prepared to live in a world where AI and robots do most of our jobs and we do not have any concrete plans to address this.

AI will undoubtedly play a large role in the future of work and life, and now is the time for companies and employees to prepare themselves. As technology grows at an ever-increasing pace. One of the most important things an individual can do is to learn how to learn. As many of the skills and programs learned in schools and inside of our organizations will soon be outdated.

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